M&F FORCED TO CUT JOBS - Theunis Strydom

Fri, 04 Jul 2008

MUTUAL & FEDERAL has decided to cut as many as 600 of its 3 000 positions. The company's decision to cut a fifth of its workforce comes amid pressure on the financial and insurance industry, with consumers drastically cutting back their spending. CEO of M&F, Keith Kennedy, denied that the cutbacks were in response to financial pressure. He said it forms part of a restructuring to make the company more flexible and resilient. M&F hasn't been a favourite with investors this past year. Its share price, currently around R18, is down after almost reaching R30 at the end of July last year.